The Asia Pacific Microgrid Controller Market would witness market growth of 22.4% CAGR during the forecast period (2022-2028).
The generation of green sources like photovoltaic (PV) and wind energy for providing clean electricity with enhanced system performance and significant cost decrease is the best way. This is especially true for communities that live far in areas where the grid connection is difficult. Renewable energy sources are becoming the most significant source for supplying electric power directly to the customer without a conventional distribution system.
Therefore, the most environmentally friendly means of generating energy and heat are from renewable sources. The primary benefits of sources of renewable energy include instantaneous availability, reduced reliance on fossil fuels, low variability costs, and reduced need for transportation while providing improved economic efficiency.
DER and loads are integrated by microgrids in a policed and organized manner. They are usually close to where the demand is and can be quickly deployed. They can be fueled by sustainable power, through small-scale solar fields or nearby wind turbines, in windy or sunny locations, and have close to complete renewable integration.
Due to the region's expanding rural electrification programs, the Microgrid controller market is experiencing considerable expansion in the Asia-Pacific region, especially in Bangladesh and India. Government efforts to replace aging grid infrastructure and smart city programs have raised demand. The increasing need for power within the region has made major rivals shift focus to developing better approaches to strengthen their positions.
The China market dominated the Asia Pacific Microgrid Controller Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $1,152.8 million by 2028.The Japan market is experiencing a CAGR of 21.7% during (2022 - 2028). Additionally, The India market would exhibit a CAGR of 23.1% during (2022 - 2028).
Based on Connectivity, the market is segmented into Grid Connected and Off-grid Connected. Based on Offering, the market is segmented into Hardware, Software and Services. Based on End User, the market is segmented into Remote Areas, Commercial & Industrial, Military, Government, Utilities, Manufacturing and Healthcare. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Microgrid Controller Market is Projected to reach USD 12.6 Billion by 2028, at a CAGR of 21.8%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Siemens AG, General Electric (GE) Co., Schneider Electric SE, ABB Group, Honeywell International, Inc., Eaton Corporation, Caterpillar, Inc., S&C Electric Company, Cummins, Inc., and Emerson Electric Co.
By Connectivity
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